Apple loaded a number of new features into its third-generation iPad: a faster processor, more RAM, and let’s not forget LTE. The company’s latest tablet also includes a much-needed camera upgrade, bringing the backside sensor to 5MP.

This finally makes the iPad a viable option for taking photographs and shooting videos while on-the-go. And thanks to the folks over at Manhattan Edit Workshop, it could become the preferred method. Introducing the Padcaster iPad case…

[tube]http://www.youtube.com/watch?v=kOl6YkyRM80[/tube]

The Padcaster is a rugged case that allows you to connect a DSLR lens to the iPad’s camera, and mount the tablet on a standing tripod. You can even add a flash and other accessories such as an external microphone or a filter. Mix in the fact that the iPad can run hundreds of photo and video editing applications, and you have the recipe for quite the portable setup.

The case isn’t cheap though — the Padcaster will run you around $200. And it looks like you’ll have to fork over another $80 for the Lenscaster mount.

The item is currently on backorder, but you can get availability updates through the company’s Twitter account here.